Plan to save Euro banks

Fifteen countries in Europe have agreed to join forces to combat the international financial crisis. A meeting of European leaders has resulted in a consensus to provide public guarantee to prevent major financial institutions from collapse.

“This temporary measure, limited to December 31, 2009, will be paid for at market conditions. We are not giving presents to the banks. We are enabling them to operate because our economies depend on it,” announced French President Nicholas Sarkozy.
 
Europe has invited the United States to an international summit to review the financial system and address the causes of the banking crisis, which has also seen the stockmarket take a tumble in recent weeks.
 
All 27 European Union leaders will meet in Brussels on Wednesday to discuss a recapitalisation plan, should it be required.